updated 07:00 pm EDT, Mon March 28, 2011

MySpace rumored dumped to joint venture with Vevo

News Corp's plans to offload MySpace may have it move the social network to the music video site Vevo, insiders said. While tentative, the strategy would see MySpace sold to Vevo in return for a share of the project. Bloomberg's sources suggested it would bolster the music videos with artist and fan pages as well as MySpace's other music content.

They added that it was possible the deal might not go ahead and that there were "several parties" still considering their own moves. None of the involved companies agreed to comment.

MySpace has fallen fast in the past two years as Facebook's dominance and a lack of clear incentives to visit have driven members away from the early social site. Just in February, its global visitors dropped 29 percent to 62.6 million. News Corp has gone from hoping for a turnaround to actively planning for a sell-off. A major redesign focused on music did little to help the website, although the new mobile page has been relatively popular and a rumored incentive for outsiders to buy the company.

Vevo, meanwhile, has been on an upward path and was the fifth-largest US video site in comScore's ranks, pitting it against its frequent partner YouTube.